AvalonBay Lands $147M for NYC-Area Community
- Sep 08, 2016
Florham Park, N.J.—HFF has closed the $147 million sale of the 504-unit eaves Nanuet community, marking one of the largest apartment sales ever in Rockland County, N.Y. HFF marketed the property on behalf of the seller, AvalonBay Communities. The buyer was a joint venture between Harbor Group International LLC and Azure Partners LLC.
The community is located on 54 acres at 100 Avalon Gardens Drive in Nanuet, N.Y. It is transit oriented, with its location near Interstate 287’s intersection with the Garden State Parkway and Palisades Interstate Parkway, as well as its close proximity to Nanuet’s Metro North train, offering access to the George Washington Bridge and Manhattan.
eaves Nanuet comrpises 64 buildings and is currently 97 percent leased. The property offers one, tw0- and three-bedroom units averaging 1,208 square feet in size. Apartments feature gas fireplaces, in-unit washers and dryers, personal garages and patios/balconies. Residents have access to community amenities like an outdoor swimming pool with sundeck, two tennis courts, two playgrounds, a clubhouse, a fitness center, a yoga room, indoor basketball and racquetball courts and a resident lounge with business center.
Senior Managing Director Jose Cruz, Managing Director Kevin O’Hearn, Directors Michael Oliver and Stephen Simonelli, and Associate Director Robert Borny led the HFF investment sales team that represented AvalonBay.
“Demand for well-located, value-add multi-housing continues to be very strong–especially in high-income submarkets like Nanuet,” said Cruz. “This property is one of the largest in the county and provides investors with significant upside.”
Harbor Group International and Azure Partners were able to secure a $110 million loan for their purchase of the community, Commercial Observer reported. New York Community Bank provided the five-year acquisition loan. Meridian Capital Group’s Moshe Majeski, Abe Hirsche and Zev Karpel negotiated the interest-only loan, according to the report.
Azure Partners CEO Arthur Rosenberg told the news site that Azure and Harbor have purchased $275 million worth of assets together in the past year.
Image via Google Street View